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Colonial National Mortgage Opens New Office in Tulsa
FORT WORTH, TEXAS, September 24, 2001 -- Colonial National Mortgage, a division of Colonial Savings F.A. and one of the nations largest originators of residential mortgages, has opened a new office in Southern Hills Tower at 2431 East 61st Street in Tulsa. The office is the companys first branch in Oklahoma and the companys sixteenth nationwide.
Colonial National Mortgage offers more than 200 different loan products, including conventional, VA, FHA, adjustable rate, unique single close construction loans, and loans that require no down payments. Comprehensive underwriting, processing and closing services are provided as well as access to consumer banking services through Colonial Savings F.A.
According to Jim E. DuBose, president and chief executive officer of Colonial Savings F.A., the entry into the Oklahoma-area residential mortgage market represents part of the companys overall strategic plan to provide customers with a higher level of service and a wider selection of loan products at the most competitive rates. "Colonial is distinct in that we retain more than 95% of our loans for servicing. For customers, that means they have a long-term relationship with a company who knows them and the history of their loans. As their needs change over time, were able to offer products such as refinancing or home equity loan options without the complications and inconveniences associated with loans that are sold over and over to other companies."
Mark Dennis, vice president of retail operations for Colonial National Mortgage, said Tulsa was the ideal site for the companys expansion into Oklahoma. "The city of Tulsa is incredibly attractive in terms of economic opportunity. Active home listings exceed 5,000 each month, with more than 1,000 closings monthly. We believe Tulsa offers an idea launch site for our entry into the Oklahoma market, and the city has been very supportive of our decision to locate here."
Founded in 1952, Colonial Savings F.A. is a multi-service financial institution headquartered in Fort Worth Texas, and is one of the largest servicers of mortgage loans in the United States, with a portfolio in excess of $6 billion. It is the parent company of Colonial National Mortgage (formerly Fort Worth Mortgage), leading residential mortgage lender; CU Members Mortgage, which provides mortgages services to credit unions nationwide; and Colonial Savings, a network of top-rated full service banking locations throughout North Central Texas with total deposits of more than $260 million. The company provides a full array of personal financial products and originates almost $2 billion in FHA, VA, conventional and innovative single close construction loans annually. Colonial Savings F.A. is privately held and has been awarded a Five Star rating from Bauer Financial.
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